COVID-19 is a black swan event for marine insurers—but they will ultimately benefit

18-01-2021

COVID-19 is a black swan event for marine insurers—but they will ultimately benefit

Marine insurance can no longer hold its course as it struggles to navigate the consequences of a global pandemic. But could the current global catastrophe also present an opening to sail out of the doldrums? A Re/insurance Lounge panel discussed the issue.

A panel of industry experts believe that changes for the re/insurance market are long overdue and that the time has come to embrace the opportunities presented.

“Renewal season for the re/insurance market is long overdue,” says Andrew Yeoman, chief executive officer of Concirrus. “We are also preparing for technology-fuelled market entry as the re/insurance industry navigates the force of the COVID-19 pandemic.”

“Lloyd’s has forecast losses in the region of $2.2 billion.” Richard Turner, IUMI


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